En Español

Very usefull links


News links




Dow Jones

Oil price



Views and News





China's Unipec expects to double U.S. crude imports next year - president




By Reuters Staff

Petroleumworld 11 27 2017

China's Unipec, the trading arm of Asia's largest oil refiner Sinopec, expects to double the volume of crude oil it imports from the United States next year to feed growing demand from Asian refiners, a company official said on Friday.

Unipec will import 6 million tonnes of U.S. crude oil this year and add to that in 2018, said Chen Bo, company president. Six million tonnes is equal to about 120,000 barrels per day over a year.

“In the long term, Asian refiners will look for new supplies for increasing demand coming from the expansion of refining capacity. The United States has a lot of potential to grow their crude and shale oil production,” he said.

Asian refiners have ramped up their U.S. crude imports in recent months, scooping up lower-cost supplies after hurricanes on the U.S. Gulf Coast curbed refinery demand there at the same time output has risen.

Unipec has dominated that burgeoning trade.

The discount of the U.S. West Texas Intermediate crude benchmark to the Brent crude benchmark widened to the most in years this month, spurring U.S. export purchases. The local appetite for crude was limited as U.S. refineries restarted after closing because of flooding and wind damage in the wake of the storms.

On Friday, the spread CL-LCO1=R was $4.91 per barrel, a big enough discount to make it profitable to export U.S. crude to Asia.


Reporting by Meng Meng and Josephine Mason; Editing by Christian Schmollinger from Reuters.

reuters.com 11 24 2017

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels



Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.